Page 2 of Summary of Events

At the “2 Days Extensive Workshop on Private Equity ".

1st and 2nd August 2008, Hotel J W Marriot , Mumbai



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Some snaps from the event

Mr Sangeet Kr Gupta, on the Dias

Mr B R Bhatia, Chairman, Maharani Paints India Pvt Ltd, and Mr V K Bountra, GM(Finance), MPIPL in the Front Rows at the seminar


Some more snaps from the event

Speakers on the podium

Juhu Tara Road , at which the Marriot hotel is situated

The Front of the J W Marriot Hotel

The Shivaji Statue at the Juhu Beach , just 200 m from the J W Marriot Hotel





Session 2 : Birds Eye View on the Contemporary Indian Scenario


Mr Namit & Mr Utpal, CEO, Rare Enterprises.


4M – that the Private Equity Players sees?

k    Management

k    Market

k    Merchandise

k    Model


First M = Management

Core about Taking a bet on the management. And this is the main focus.

The Private Limited companies are in nature, illiquid assets, non-continuing, So, there is a big “illiquidity risk”.



Key aspects that a PE / VC sees = “What is the vision of Promoter ? “

  • Is there a dream to make a larger company

    • Today, the Rs 100 cr co,, PE owns 30% = 30 cr

    • Do the mgmt have a vision to become 1000 cr, so that PE’s share gets Rs. 300Cr.

  • Does he have the flexibility ?

    • Are they building company for just their children / grandchildren only ?

    • Or are they open to the larger picture ?


  • Alignment of interest

    • value for all , or

    • Just benefits for himself ?

    • Corporate governance – Does he "manage tax", manage overheads, and

    • Is it “True and Fair “

  • By its purpose, PE wants a IPO soon. So, wants a healthy disscussion on all things on the BOD level



Second M = Market

The PE sees, the market .


Is there a great market ?                               

Pain killers sell, vitamins don’t , even if vitamins is a good thing.                             

is it a luxury ? Or mass consumption ??                               

Can it be a big market            ?                    

What is the SAM ?  = Size of Addressable Market

What is the SHAM ?  = Share of Addressable Market



Third M = Merchandise

The PE sees, the product itself,

Does it make sense ?

You get Premium if you are better that the competitive products.


Fourth M = Model

The PE sees, the Business Model.

The model and plan of generating the profit.

Does it make sense ?


What is the model to earn revenue ?

Go to fullsize imageCompare with the 2000 dotcom era, and we had fancy models with, no money.

is it fully funded plan ?

must have fully funded for next 18 months

Should not have to worry for capital for 18 months




Can the promoter say  ?

“Let me hire a CEO, who will work better than me. and I continue being 80% holder.”



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